TIDMHER
RNS Number : 1199K
Herencia Resources PLC
23 August 2019
Herencia Resources plc
("Herencia" or the "Company")
Interim Accounts for the six months ended 30 June 2019
Herencia Resources plc is pleased to announce its interim
accounts for the six months ended 30 June 2019 as set out below. A
copy of the Interims is available on the Company's website
www.herenciaresources.com.
Chairman's Statement
Dear shareholders,
It is with great pleasure to share with you the interim results
for the six months ended 30 June 2019.
Firstly, I would like to thank the small but professional team
at Herencia Resources for their ongoing hard work for our
shareholders.
Our focus is to:
-- Use our available capital resources to fully explore the Group's copper projects in Chile;
-- Identify new exploration projects in South America;
-- Recapitalise the Company;
-- Review our current supplier and terms of business;
-- Turn around the Company's share price.
Financial and Statutory Information
The Group had an operating loss of GBP145,000 for the six
months. The Group received continued financial support from our
major shareholders throughout the year. The Group is committed to
reduce its debts and invest as much capital as possible into
exploration activities.
Outlook
The Group is focused on the development of its exploration
projects in Chile. Management has also been searching for new
exploration projects in South America in Copper and Gold.
We thank shareholders for their ongoing support and welcome any
questions they may have.
Jeff Williams
Non Executive Chairman
23 August 2019
For further information please contact:
Jeff Williams, Herencia Resources plc +61 418 594 324
Carl Dumbrell, Herencia Resources plc +61 402 277 282
David Little, Herencia Resources
plc +44 207 631 4141
Camilla Horsfall, Blytheweigh
(Financial PR) +44 207 138 3224
Andrew Raca, VSA Capital (Broker) +44 203 005 5004
About Herencia Resources plc.
Herencia Resources plc. is a UK AIM quoted independent copper /
gold exploration company focused on exploration in Chile. Further
information is available on the company website:
www.herenciaresources.com The Interims are set out below:
Herencia Resources Plc
Condensed Consolidated Statement of Comprehensive Income
For the period ended 30 June 2019
Six months Six months
ended ended
30 June 30 June
2019 2018
Notes (unaudited) (unaudited)
GBP'000 GBP'000
Revenue - -
Administration expenses (144) (424)
Interest expense (1) -
Operating profit/(loss) (145) (424)
Income/(loss) before tax (145) (424)
Income tax expense - -
------------- ---------------
Income/(loss) for the period (145) (424)
Other comprehensive income/(loss)
Exchange differences on translating
foreign operations - 2
Total comprehensive income/(loss)
for the period, net of tax (145) (422)
============= ===============
Equity holders of the Company (145) (422)
============= ===============
Income/(loss) per share
Income/(loss) per ordinary
share-basic and diluted (0.001)p (0.040)p
------------- ---------------
The results shown above relate entirely to continuing
operations.
Herencia Resources Plc
Condensed Consolidated Statement of Financial Position
At 30 June 2019
30 June 30 June 31 December
2019 2018 2018
Notes Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Exploration and evaluation 5 5,818 5,367 5,818
Property, plant and equipment 6 11 17 21
5,829 5,384 5,839
----------- ------------ ---------------
Current assets
Cash and cash equivalents 7 155 45
Trade and other receivables 101 53 62
Other assets - - -
108 208 107
----------- ------------ ---------------
Total assets 5,937 5,592 5,946
----------- ------------ ---------------
LIABILITIES
Non-current liabilities
Loans and borrowings 9 1,639 525 1,572
Vendor obligations 1,175 875 1,025
----------- ------------ ---------------
2,813 1,400 2,597
----------- ------------ ---------------
Current liabilities
Trade and other payables 8 979 734 1,121
Provisions 7 133 49 111
Loans and borrowings 9 63 397 63
1,175 1,183 1,295
----------- ------------ ---------------
Total liabilities 3,989 2,581 3,892
----------- ------------ ---------------
Net Assets 1,949 3,011 2,054
=========== ============ ===============
EQUITY
Share capital 10 4,971 5,208 4,931
Share premium 10 24,486 24,271 24,486
Share based payments reserve 71 29 71
Other reserves - 117 -
Translation reserve (486) (369) (486)
Retained losses (27,093) (26,246) (26,948)
----------- ------------ ---------------
Total equity and reserves 1,949 3,011 2,054
=========== ============ ===============
Herencia Resources Plc
Condensed Consolidated Statements of Cash Flows
For the period ended 30 June 2019
Six months ended Six months
30 June ended
30 June
Notes 2019 2018
Unaudited Unaudited
GBP'000 GBP'000
Net cash outflow from operating
activities (145) (572)
Cash flows from investing activities
Net funds used for investing
in exploration 5 (-) (423)
------------------------ ------------
Net cash used by investing activities (-) (423)
------------------------ ------------
Cash flows from financing activities
Proceeds from issue of shares 10 40 -
Proceeds from loans 9 67 -
Proceeds from convertible notes - 919
Net cash generated from financing
activities 107 919
------------------------ ------------
Net decrease in cash and cash
equivalents (38) (76)
Cash and cash equivalents at
the beginning of the period 45 233
Exchange fluctuation - (2)
Cash and cash equivalents at
the end of the period 7 155
======================== ============
Herencia Resources Plc
Condensed Consolidated Statement of Changes in Equity
For the period ended 30 June 2019
Share-based
Share Share Translation payments Other Retained Total
capital premium reserve reserve reserves losses equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
January 2019 4,931 24,486 (486) 71 - (26,948) 2,054
Issue of
shares 40 - - - - - 40
Total
comprehensive
income/(loss)
for the
period - - - - - (145) (145)
----------- ----------- -------------- --------------- ------------ ------------ -----------
Balance at 30
June 2019 4,971 24,486 (486) 71 - (27,093) 1,949
=========== =========== ============== =============== ============ ============ ===========
Balance at 1
January 2018 4,801 24,271 (368) 29 117 (25,819) 3,029
Issue of - - - - - - -
shares
Conversion of
convertible
notes into
shares 408 - - - - - 408
Total
comprehensive
income/(loss)
for the
period - - - - - (427) (427)
----------- ----------- -------------- --------------- ------------ ------------ -----------
Balance at 30
June 2018 5,209 24,271 (368) 29 117 (26,246) 3,011
=========== =========== ============== =============== ============ ============ ===========
Herencia Resources Plc
Notes to the Financial Information
1. General Information and principal activities
Herencia Resources plc (The "Company") was incorporated in the
United Kingdom with Company Number 05345029. The registered office
of the company is 59-60 Russell Square, London WC1B 4HP
This financial information is for the company and its
subsidiaries undertakings (together, the "Group"). The principal
activities of the entities of the group are as follows:
Company name Country of Principal Shares
registration or Activities held
incorporation %
Direct
Tarapaca Resources (Bermuda)
Limited Bermuda Holding company 100
Indirect
Tarapaca Holdings (BVI) Limited British Virgin Islands Holding company 100
Iquique Resources (Chile)
SA Chile Mineral exploration 100
Paguanta Mining Services
Limited Chile Services & employment 100
Herencia Resources (Chile)
SA Chile Mining exploration 100
Herencia Services SA Chile Services and & employment 100
The principal place of business of the group is in the United
Kingdom. The interim consolidated financial information is
presented in the nearest thousands of pounds sterling (GBP'000),
which is the presentation currency of the group.
2. Basis of preparation
The interim consolidated financial information for the six
months ended 30 June 2019 and 30 June 2018 has been prepared in
accordance with IAS 34, interim Financial reporting which are
unaudited and do not constitute a set of statutory financial
statements.
The principal accounting policies used in preparing the interim
results are the same as those applied in the Group's Financial
Statements for the year ended 31 December 2018, which have been
prepared in accordance with internationals financial reporting
standards as adopted by the European Union ("IFRS"). The auditor's
report on those accounts was unqualified with an emphasis of matter
on going concern.
A copy of the audited consolidated financial statements for the
period ended 31 December 2018 is available on the company's
website.
Going concern
The consolidated financial information has been prepared on a
going concern basis.
In considering the appropriateness of the basis of preparation,
the directors have reviewed the group's working capital forecast
for a minimum of 12 months from the date of the approval of these
financial statements. As at 30 June 2019, the group had GBP6,833 of
available cash. The company proposes to conduct further exploration
activities at its Chilean projects and accordingly, will need to
raise additional funds before the end of 2019 to maintain
sufficient cash resources for its working capital and particularly,
continue its efforts to reduce outstanding obligations.
The Directors have a reasonable expectation that the Group has
adequate access to resources to continue in operational existence
for the foreseeable future and continue to meet, as and when they
fall due, its planned exploration and development activities and
other liabilities for at least the next twelve months from the date
of approval of these financial statements. For this reason, the
Directors continue to adopt the going concern basis in preparing
these financial statements.
The interim report for the six months ended 30 June 2019 was
approved by the directors on 23 August 2019.
3. Critical accounting estimated and sources of estimation uncertainty
In applying the accounting policies, the directors may at times
be required to make critical accounting judgments and estimates
about the carrying amounts of assets and liabilities. These
estimates and assumptions, when made, are based on historical
experience and other factors that the directors consider are
relevant.
The key estimated and assumptions concerning the future and
other key sources of estimation uncertainty at the end of the
financial year, that have significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within
the next financial year are reviewed are as stated below:
4. Earnings per share
Basic EPS amounts are calculated by dividing the loss for the
year attributable to equity holders of the Group by the weighted
average number of ordinary shares outstanding during the
period.
Diluted EPS amounts are calculated by dividing the loss for the
year attributable to equity holders of the Group by the weighted
average number of ordinary shares outstanding during the period
plus the weighted average number of ordinary shares that would be
issued on conversion of all the dilutive potential ordinary shares
into ordinary shares.
The following reflects the income and share data used in the
basic and diluted EPS computations:
30-Jun-19 30-Jun-18 31-Dec-18
GBP'000 GBP'000 GBP'000
Net loss attributable to equity
holders of the Group (145) (422) (1,196)
Weighted average number of ordinary
shares 11,055,737,793 10,641,517,793 10,723,469,713
Basic and diluted (loss) per share (0.001) (0.004) (0.011)
The diluted loss per share was not applicable as there were no
dilutive potential ordinary shares outstanding at the end of the
reporting period.
5. Intangible assets and goodwill
GBP'000
At cost
As at 1 January 2019 5,818
Additions -
At 30 June 2019 5,818
==================
Carrying amount
As at 30 June 2019 5,818
As at 31 December 2018 5,818
6. Property Plant and equipment 30 June 30 June 31 December
2019 2018 2018
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
At cost 60 60 600
Accumulated depreciation (49) (43) (49)
Total property plant and equipment 11 17 11
=============== ============ ===============
Movements in carrying amounts
Balance at the beginning of the period 17 17 17
Additions - - -
Disposals - - -
Depreciation (6) (6) (6)
Assets classified as held for disposal - - -
Effects of foreign currency exchange - - -
Differences arising during the year - - -
Balance at the end of the period 11 17 11
=============== ============ ===============
7. Provisions 30 June 30 June 31 December
2019 2018 2018
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Employee benefits
Balance at the beginning of the period 49 54 54
(Utilised)/arising during the year 84 (5) 57
Effect of foreign currency exchange - - -
difference
Reclassification of amount due to -
previous Managing
Director of the company to creditors
Balance at the end of the period 133 49 111
============= ============ ==================
Comprising
Current 133 49 111
Non-current - - -
133 49 111
===== ==== =====
8. Trade and other payables 30 June 30 June 31 December
2019 2018 2018
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Trade and other payables 979 734 1,121
979 734 1,121
------------- ------------ ---------------
9. Loans and borrowings
30 June 30 June 31 December
2019 2018 2018
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Current
Convertible notes - 397 -
Other loans 63 - 63
------------- ------------ ---------------
63 397 63
============= ============ ===============
Non-current
Convertible notes - 525 -
Other loans 1,639 - 1,572
------------ ---------- -----------
1,639 525 1,572
============ ========== ===========
Director Loans and Related Party Transactions
No other related party transactions have occurred during the
period.
10. Share capital 30 June 30 June 31 December
2019 2018 2018
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Allotted, issued and fully paid:
11,055,737,793 ordinary shares of
GBP0.01p each and 4,266,609,563 deferred
shares of GBP0.09p each
(30 June 2018: 4,266,609,563 ordinary
shares and
31 December 2018: 9,611,001,360 ordinary
shares) 4,971 5,209 4,931
============= ============ =============
Movement in share capital Number of Number of
during the period comprises: Ordinary Deferred Share Share Premium
Shares Shares Capital
GBP'000 GBP'000
Issued and fully paid
As at 1 January 2019 shares 10,908,517,793 4,266,609,563 4,931 24,486
Movement:
16 Jan 19 Issue of shares 147,220,000 - 40 -
Balances as at 30 June
2019 11,055,737,793 4,266,609,563 4,971 24,486
================= ================= ========== ===================
The ordinary shares have a par value of GBP0.0001 per share and
are fully paid. These shares carry no right to fixed income and
have no preferences or restrictions attached to them.
11. Control
No one party is identified as controlling the Company.
12. Subsequent events
On 1 August 2019 the company has received financial support from
its major shareholders as convertible loans for US$300,000. The
conversion price into ordinary fully paid shares will be at the
"Next Placement Price".
13. Contingent liabilities and capital commitments
There have been no changes to the contingent liabilities capital
commitments as disclosed in the most recent annual financial
report.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR DMGZRDFDGLZM
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August 23, 2019 10:50 ET (14:50 GMT)
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